Stockholders, creditors, and private investors often need assurance that the financial statements accurately represent the true financial position of a company.

The objective of a compilation is to assist management in presenting financial information in the form of financial statements without undertaking to obtain to provide any assurance that there are no material modifications that should be in the financial statements.    

Your stockholders, creditors, or private investors have different levels of risk tolerance, so we provide three levels of assurance to meet your needs.

 

Compilation - Lowest Level of Assurance

In compiling financial statements for a client, we present information that is the representation of management without audit or review. We do not express an opinion or provide any assurance about whether the financial statements are in accordance with accounting principles generally accepted in the United States of America. 

Our responsibility is to conduct the compilation in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. Management is responsible for the preparation and fair presentation of the financial statements and for designing, implementing, and maintaining internal control relevant to the preparation and fair presentation of the financial statements.

 Compilations don't require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business.

Banks often require compilations from an independent CPA as part of their lending covenants.

Which Report Should You Use?

Each type of financial statement report may suit specific circumstances, depending on requirements from your client's bank or other parties, as well as meet budgetary needs.

Understanding each report's unique strengths and weaknesses can help you choose the most appropriate one.

Contact us to set up a meeting with David Backman to determine which type of compilation report is right for you.

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